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As we attempt to determine how to prevent the next big "unknown unknown" it is imperative that we also conduct a forensic analysis so as to avoid any potential build-up of systemic risk. New market infrastructures and regulatory compliance may all be reasonably effective steps in reordering the international financial architecture.

South Korea is well on its way to entering the next stage in the development of advanced market structures as it overcomes regulatory hurdles. FSC Korea is well-advised to reconsider its present market share limitation on primary venue and individual stock trading. Providing an enabling environment for ATS means relaxing existing restrictions and widening options for participants as Korea remains a relatively retail-heavy market. More importantly, market users will be able to realise tangible gains in the form of lower trading fees and tick sizes.
Elsewhere in the region, the volumes under the Hong Kong–Shanghai connect programme remain underwhelming and China’s domestic OTC market is a work in progress, but the long-term strategic goal of integrating with the international capital markets through a managed transition is both prudent and wise. Asia’s financial markets are in a state of evolution as markets remain fragmented and the lack of harmonisation continues to challenge the aspirations of participants who wish to access deep and liquid capital markets.

With the ongoing investigation of fraud at the Barclays dark pool, alternative trading systems have once again found themselves under the spot light. These off-exchange venues that were a topic of concern in Michael Lewis’s infamous book ‘flash boys’ are once again under scrutiny by regulators in the United States and Europe.

While trading in the dark in Asia has not been as pronounced as other financial centres, market institutions and participants in the region are carefully monitoring what approach will be taken by both the SEC and ESMA. The APAC region poses a unique challenge to dark pool operators as markets across the continent have different trading rules with some more conducive to ATSs than others.

A fundamental rethink of dark pool trading is critical in improving both market transparency and liquidity amidst an evolving regulatory environment.

This inaugural issue of Financial Markets examines the implications of high frequency trading (HFT) and proposes that regulators in Asia consider introducing a Tobin tax on all financial transactions across all asset classes. We also look at how HFT has impacted global spot foreign exchange venues and review recent initiatives for a super-repository servicing derivative markets. On the clearing and settlement space, we interviewed a senior executive from an international central securities depository and technology vendor.

In our first issue of the Markets & Exchanges publication, we speak to senior risk practitioners about the proposed rule changes under Basel Committee of Banking Supervision’s fundamental review of the trading book. We highlight developments in the derivatives industry in China and Japan, and the market infrastructure enhancement by SGX in Singapore. We also have our regular features on the latest in topics such as exchange news, trading data, clearing and settlement and risk and compliance to keep you in the thick of the action.